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Krn Heat Exchanger and Refrigeration Limited
(KRN)
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Rating:61Neutral
Price Target:
₹1,459.00
▲(17.89% Upside)
Action:Reiterated
Date:08/17/26
The score is held back mainly by weak cash conversion and deeply negative FY2026 operating/free cash flow alongside rising leverage, despite very strong revenue growth and solid profitability. Technicals are supportive due to a strong uptrend, but overbought signals increase near-term risk. Valuation is a key headwind given the very high P/E.
Positive Factors
Sharp revenue growth
Revenue growth of approximately 112% demonstrates strong demand expansion across the company’s HVAC&R offering. If sustained, this scale can support greater operating leverage, strengthen customer reach, and provide a durable base for continued investment in production and product capabilities.
Negative Factors
Weak cash conversion
Deeply negative operating and free cash flow show that reported profits are not currently converting into cash. Persistent weak conversion could require external funding, constrain reinvestment, and make execution more dependent on successfully managing investment and working-capital demands.
Read all positive and negative factors
Positive Factors
Negative Factors
Sharp revenue growth
Revenue growth of approximately 112% demonstrates strong demand expansion across the company’s HVAC&R offering. If sustained, this scale can support greater operating leverage, strengthen customer reach, and provide a durable base for continued investment in production and product capabilities.
Read all positive factors
Krn Heat Exchanger and Refrigeration Limited (KRN) vs. iShares MSCI India ETF (INDA)
Market Cap
₹92.72B
Dividend YieldN/A
Average Volume (3M)16.34K
Price to Earnings (P/E)92.5
Beta (1Y)1.46
Revenue Growth64.04%
EPS Growth78.68%
CountryIN
Employees574
SectorGeneral
Sector StrengthN/A
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)15.33
Shares Outstanding65,458,490
10 Day Avg. Volume12,607
30 Day Avg. Volume16,336
Financial Highlights & Ratios
PEG Ratio2.77
Price to Book (P/B)9.66
Price to Sales (P/S)9.24
P/FCF Ratio-15.34
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)22.9
Revenue Forecast (FY)₹11.50B
Krn Heat Exchanger and Refrigeration Limited Business Overview & Revenue Model
Company Description
KRN Heat Exchanger & Refrigeration Limited functions as a vital supplier for original equipment manufacturers (OEMs) operating within the heating, ventilation, air conditioning, and refrigeration (HVAC&R) sectors. The company is dedicated to devel...
How the Company Makes Money
KRN primarily makes money by selling heat-exchanger and refrigeration/HVAC&R-related products and solutions to customers (typically on a per-unit or per-project basis). Key revenue streams would generally include (i) revenue from manufactured heat...
Krn Heat Exchanger and Refrigeration Limited Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
70
Positive
Cash Flow
28
Negative
| Breakdown | TTM | Mar 2025 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.37B | 6.00B | 4.29B | 3.08B | 2.47B | 1.56B |
| Gross Profit | 2.00B | 1.88B | 1.01B | 801.05M | 636.19M | 262.10M |
| EBITDA | 1.51B | 1.23B | 817.56M | 625.50M | 510.28M | 186.69M |
| Net Income | 969.42M | 764.67M | 528.75M | 393.90M | 323.13M | 105.90M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 9.32B | 5.95B | 2.57B | 1.49B | 927.92M |
| Cash, Cash Equivalents and Short-Term Investments | 464.44M | 472.35M | 102.63M | 103.08M | 74.57M | 53.60M |
| Total Debt | 0.00 | 1.87B | 334.67M | 869.60M | 366.44M | 221.22M |
| Total Liabilities | -5.74B | 3.58B | 964.80M | 1.27B | 891.89M | 672.60M |
| Stockholders Equity | 5.74B | 5.74B | 4.99B | 1.30B | 595.70M | 255.31M |
Cash Flow | ||||||
| Free Cash Flow | -775.67M | -3.61B | -1.26B | -528.61M | -89.26M | 19.12M |
| Operating Cash Flow | 565.26M | -1.14B | 251.54M | 169.25M | 50.73M | 44.84M |
| Investing Cash Flow | -527.25M | -341.63M | -2.86B | -641.69M | -139.87M | -27.17M |
| Financing Cash Flow | -44.77M | 1.48B | 2.61B | 500.95M | 110.11M | 33.84M |
Krn Heat Exchanger and Refrigeration Limited Technical Analysis
Neutral
1237.55
Price Trends
1415.08
Positive
1304.14
Positive
1090.84
Positive
Market Momentum
-13.66
Positive
45.83
Neutral
62.73
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:KRN, the sentiment is Neutral. The current price of 1237.55 is below the 20-day moving average (MA) of 1483.40, below the 50-day MA of 1415.08, and above the 200-day MA of 1090.84, indicating a neutral trend. The MACD of -13.66 indicates Positive momentum. The RSI at 45.83 is Neutral, neither overbought nor oversold. The STOCH value of 62.73 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:KRN.
Krn Heat Exchanger and Refrigeration Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | ₹1.39T | 121.24 | ― | 0.03% | 40.17% | 123.39% | |
68 Neutral | ₹331.34B | 89.30 | ― | 0.09% | 53.03% | 70.86% | |
65 Neutral | ₹27.10B | 34.17 | ― | 0.29% | 5.64% | 108.01% | |
63 Neutral | ₹152.56B | 113.49 | ― | ― | 44.38% | 65.57% | |
61 Neutral | ₹92.72B | 92.46 | ― | ― | 64.04% | 78.68% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | ₹138.12B | 66.63 | ― | 0.05% | 15.15% | -25.34% |
* General Sector Average
IN:KRN
Krn Heat Exchanger and Refrigeration Limited
1,416.40
590.15
71.43%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.